UPI goes global: RuPay card services launch today in Sri Lanka and Mauritius | Everything you need to know
UPI Goes Global: PM Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth will today witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius.
New Delhi: India's Unified Payment Interface (UPI) services are going global these days as the latest services will be rolled out in Sri Lanka and Mauritius on Monday in a virtual ceremony to be attended by Prime Minister Narendra Modi and the top leaders of the two island nations. Indian RuPay card services will also be launched in Mauritius during the event
According to the Ministry of External Affairs (MEA), Mauritian Prime Minister Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe will join Prime Minister Modi at the virtual ceremony.
“Prime Minister Narendra Modi, President of Sri Lanka Ranil Wickremesinghe and Prime Minister of Mauritius Pravind Jugnauth will witness the launch of Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, as well as RuPay card services, on February 12 at 1:00 PM in Mauritius. via videoconferencing,” the report said.
Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate interbank transactions via mobile phones. RuPay is a global card payment network from India, with wide acceptance in stores, ATMs and online.
The launch of Indian services in Sri Lanka and Mauritius comes amid New Delhi's growing bilateral economic ties with the two countries.
“India has emerged as a leader in Fintech innovation and digital public infrastructure. The Prime Minister has placed a strong emphasis on sharing our development experiences and innovation with partner countries,” the MEA said in a statement.
It should be noted that India has emerged as a leader in fintech innovation and digital public infrastructure. PM Modi has placed a strong emphasis on sharing our development experiences and innovation with partner countries.
Given India's robust cultural and people-to-people ties with Sri Lanka and Mauritius, the launch will benefit a broad cross-section of the population through a faster and seamless digital transaction experience and enhance digital connectivity between the countries, the MEA release said .
The launch will enable the availability of UPI settlement services for Indian nationals traveling to Sri Lanka and Mauritius as well as Mauritian nationals traveling to India.
The expansion of RuPay card services in Mauritius will enable Mauritian banks to issue cards based on the RuPay mechanism in Mauritius and facilitate the use of RuPay cards for settlements in both India and Mauritius, it added .
PhonePe is India's largest UPI app in terms of market size. The app has raised $350 million in funding as part of its $1 billion fundraising ahead of an initial public offering (IPO).
The UPI payment system has become extremely popular for digital retail payments in India, and its adoption is increasing at a rapid pace. It is India's mobile rapid payment system, which allows customers to make payments 24 hours a day using a virtual payment address (VPA) created by the customer.